NORDEN Sells a Handymax, Buys 2 MR Tankers
Denmark-based NORDEN announced Monday it has sold a Handysize tanker, which was delivered to her new owners in late November 2019, and it purchased two medium range (MR) tankers, which were delivered in end-December 2019.NORDEN, which said it expects a continued strong market well into 2020 as refineries increase production to deliver the compliant fuels necessary for the IMO 2020 global sulphur regulation, noted it will continue to be active within the sale and purchase of vessels.“We are driven by the opportunities we see in the market…
Norden Rolls-out Decarbonization Plans
Danish shipping company Dampskibsselskabet Norden A/S revealed plans to further intensify its efforts to drive the shipping industry towards a cleaner future and offer CO2 neutral transportation.The operator in the dry cargo and tanker has established a new, dedicated decarbonisation position to drive Norden’s decarbonisation efforts and meet the company’s ambitious emission reduction targets.The new role will accelerate Norden’s development of CO2 neutral transportation to customers…
Norden Signs 3-year COA with Qatar Vinyl
Danish shipping company Norden has signed a three-year contract of affreightment (COA) with Qatari chemical firm Qatar Vinyl Company, commencing in the second quarter of 2019.Qatar Vinyl Company, a subsidiary of Qatar Petrochemical Company, produces various polymers and chemicals. The agreement is for the shipment of salt from West Coast India to Qatar, where the salt will be used for chemical production.The shipping company operating in the dry cargo and tanker segment worldwide…
Norden Sells Four Bulk Carriers
In the last couple of weeks, Dampskibsselskabet Norden A/S has sold off four dry cargo vessels as part of its strategy to become increasingly asset light and reduce the owned fleet to a tradable size, the Danish shipowner announced on Tuesday.The sold vessels are 2002-built Panamax vessel Nordkap, 2002-built Panamax vessel Nordpol, 2007-built Supramax vessel Nord Express and 2011-built Handysize vessel Nord Mumbai.“It is an integrated part of Norden’s business to buy and sell vessels when the right opportunities arise,” said Norden CEO Jan Rindbo.
Norden Expands into West Africa
Danish shipping giant Norden is opening an office in Abidjan, Ivory Coast, as part of the Company’s continued global expansion.The office will generate new business and focus on contributing positively to the development of the region, the dry bulk and tanker owner said in a press release.“Norden opens offices and employs people with a long-term horizon and that is also the case for our move into West Africa. We wish to come even closer to our business partners and increase our business presence and at the same time be part of and help the region develop by investing manpower…
Norden Gets Sembcorp Contract
Danish shipping company Dampskibsselskabet Norden has signed a ten-year Panamax contract of affreightment (COA) with Indian utility firm Sembcorp Energy India.Commencing April 1, Norden will carry out the transportation of steam coal in panamaxes totalling 12 million tonnes over the ten-year period from Indonesia and South Africa to the port of Krishnapatnam in East Coast India.The voyages will be carried out on both Norden owned and chartered vessels.Norden pointed out in a press release that demand for energy in India is on the rise in line with the country’s economic expansion.
'World's First' Zero Emission Marine Biofuel Test Successful
Netherlands-based supplier of sustainable low carbon marine fuels GoodFuels Marine in conjunction with bulker and tanker owner and operator NORDEN A/S, has successfully completed trials of the world’s first zero emission, ‘drop in’ Heavy Fuel Oil (HFO)-equivalent marine biofuel – almost entirely reducing all carbon and sulphur emissions.A press release from the pioneer in sustainable marine fuels said that the culmination of three years extensive research and development with partners including Royal Dutch Boskalis and technology group Wärtsilä…
Norden Buys Medium Range Tanker Pair
Danish shipowner Norden has purchased 2 South Korean-built MR product tankers from 2009. Both vessels have a deadweight capacity of 50,000 tonnes and the acquisition further expands the Norden product tanker fleet ahead of the expected market improvement towards 2020.With the purchase, the Norden owned tanker fleet has been expanded with 4 MR vessels in 2018 bringing the total Norden tanker fleet up to 58 vessels including chartered vessels.A press release from the Denmark company…
Decarbonization: 34 Maritime CEOs Call for Action
A who’s who list of maritime industry executives have signed on to voice their support for a zero-carbon future in shipping.The not-for-profit foundation the Global Maritime Forum brought together a group of 34 CEOs and industry leaders from across the global maritime sector to sign a call for action and lead the industry in a transition toward decarbonization.To achieve this, these leaders believe the maritime industry needs to accelerate both technological and business model innovation…
NORDEN Expands Tanker Fleet
NORDEN is in the process of increasing its tanker exposure. The purpose is to take advantage of the business opportunities provided by the fluctuations of the cyclical market, said a communicaion from the company. ”During the strong tanker markets throughout 2015 and the first half-year of 2016, NORDEN prioritised coverage. We therefore reduced the open capacity for 2017 and onwards. But in the wake of the decline in the market during the second half of 2016, we have again started to increase our capacity and exposure. And this is done at competitive prices,” says CEO Jan Rindbo.
NORDEN Adds Another MR Tanker
Denmark based NORDEN said it has purchased a seven-year-old Japanese-built MR product tanker, its second vessel acquisition within a month. The purchase follows the acquisition of a 2009-built MR product tanker to be named Nord Pearl. “With the purchase of the MR product tanker, NORDEN once again takes advantage of the current reduced tonnage prices to increase the capacity and position the tanker business towards possible market improvements after 2017,” said NORDEN CEO, Jan Rindbo.
NORDEN Grows Its Tanker Fleet
Danish shipping company NORDEN said it has purchased a 2009-built medium range (MR) product tanker with a cargo capacity of 50,000 metric tons. The South Korean-built vessel is expected to be delivered in July 2017 and will be renamed Nord Pearl. Taking advantage of the decline in asset prices on the back of weakening tanker markets, the purchase marks NORDEN’s first tanker acquisition since the company sold three Handysize product tankers last year. In addition to the purchase of Nord Pearl…
Norden Back to Profit in Q1
Danish shipping company Dampskibsselskabet Norden A/S has reported its adjusted result for the first quarter of 2017 at $1 million, against a loss of $5 million seen in 2016. The shipowner and operator in the dry cargo and tanker segment worldwide returned to an adjusted profit for the first time in two years. Norden’s tanker activities generated an adjusted result for the period of $10 million, compared to $15 million seen in the corresponding quarter in 2016. "In Dry Cargo, we did not benefit from the improving rates in the first quarter…
NORDEN Names New Head of Dry Cargo
Dampskibsselskabet NORDEN A/S has hired Christian Vinther Christensen as new head of the Dry Cargo Department. Christian Vinther Christensen takes up his new position January 1, 2017 and becomes part of Senior Management reporting to CEO Jan Rindbo. He brings with him 16 years of experience from the dry cargo operator Western Bulk. He is shipping educated at Maersk, where he, prior to his employment at Western Bulk, for 10 years held a number of positions in the group including management positions in Maersk Broker.
NORDEN’s Dry Cargo Head Bonderup Resigns
Ejner Bonderup, Executive Vice President and member of the Executive Management in Dampskibsselskabet NORDEN A/S, has resigned from his position to take up a position in another shipping company. Bonderup will continue at NORDEN for a limited amount of time during a transitional period. Throughout the period ending on December 31, 2017, Ejner Bonderup will be subject to restrictive covenants, unless released by the company. After Bonderup’s resignation, NORDEN’s executive management consists of CEO Jan Rindbo and Executive Vice President & CFO Martin Badsted.
More Vessels Need to Be Scrapped to Restore Balance -Norden
Danish shipping company D/S Norden said the dry cargo market reached its lowest point last year and will not recover this year under the weight of overcapacity and the Chinese economy's transition away from an industrial economy. China's insatiable appetite for coal and iron ore that profitable freight rates for dry cargo vessels has now gone, Chief Executive Jan Rindbo said on Wednesday. "The industry undergoes huge changes these years. It is connected to the transformation of China's economy to a service-driven economy from a industrial-driven economy," Rindbo told Reuters.
Norden to Exit Capesize Bulker Markets
Danish shipping company D/S Norden plans to cut the number of vessel types it operates to help it through a long-depressed shipping market that could be about to get worse due to a slowdown in China, the company's chief executive told Reuters. With around 250 vessels, Norden is a major global player in areas such as small and mid-sized vessels, but is a minor player in the "capesize" segment of the biggest dry bulk vessels with only three ships, and plans to exit that area. "We aim to be stronger in areas where we already hold a solid position," Jan Rindbo, who took the helm in April of the company whose competitors include New York-listed Scorpio Bulkers and Hong Kong-Based Pacific Basin…
Norden Shuffles Executive Management Team
Danish dry cargo and tanker shipping company Dampskibsselskabet Norden A/S informs it has combined a number of management functions in order to reduce its executive management team from five to three members. “With the changes we are consolidating a number of functions creating a more streamlined organization,” Norden CEO Jan Rindbo stated in a press release. Effective immediately, Norden’s new plan sees the executive management team trimmed down to CEO Jan Rindbo, CFO Martin Badsted and executive vice president Ejner Kiel Bonderup.